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Here are the major announcements from the 44th AGM of Reliance Industries
Reliance Industries chairman Mukesh Ambani on Thursday announced that the $15 billion deal with Saudi oil major Aramco will be completed in 2021. He was virtually addressing the 44th Annual General Meeting of the company. The development comes as oil-to-telecom conglomerate announces the induction of Yasir Al Rumayyan, the chairman of Aramco, into the Reliance...
Telcos ask Centre to remove misleading social media posts linking COVID-19 & 5G
With lack of common sense being very common, social media messages linking the 5G technology with the spread of COVID-19 have gone viral. Now, the Cellular Operators Association of India (COAI) has requested the Union government to remove such misleading social media posts. The association comprises Reliance Jio, Bharti Airtel and Vodafone Idea. Although there...
Reliance may break up with IPOs of Jio, retail business: Bernstein Research
Bernstein Research, a research and brokerage firm, has said that Reliance Industries may break up in the next three-four years after the initial public offering of its telecom and retail business segments. This, the company said should unlock additional value for the shareholder. “Following the rights issues and 24.7% stake sale in Jio, RIL is...
As Reliance turns net debt-free, Mukesh Ambani says “fulfilled” promise to shareholders
Reliance Industries Limited (RIL) Chairman Mukesh Ambani on Friday announced that the company is finally net debt-free, adding that he has “fulfilled” his promise to shareholders. “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021,” Ambani said in a press statement issued...
Saudi Arabian wealth fund picks up 2.32% stake in Jio Platforms
Public Investment Fund (PIF) , a Saudi Arabian sovereign wealth fund, will pick up 2.32% stake in the Reliance Industries subsidiary Jio Platforms for Rs11,367 crore ($1.5 billion). A release from the company quoted by the media said that with this, the total investment by foreign investors in Jio Platforms stands at Rs1.15 trillion for...
Equity major KKR to invest Rs 11,367 cr in Reliance Jio
Reliance Industries on Friday announced the sale of a 2.32 per cent stake in its digital unit to US private equity giant KKR for Rs 11,367 crore, the fifth deal in four weeks that will inject a combined Rs 78,562 crore in the oil-to-telecom conglomerate to help it pare debt. “This transaction values Jio Platforms...
Facebook-Jio Deal: Mukesh Ambani is again Asia’s richest person
Mukesh Ambani is again Asia’s richest person after a deal with Mark Zuckerberg’s Facebook Inc. sent his conglomerate’s stock surging. Ambani’s fortune rose about $4.7 billion to $49.2 billion on Wednesday, after Reliance Industries Ltd. gained 10 per cent. The jump put Ambani about $3.2 billion ahead of China’s Jack Ma, according to the Bloomberg...